FUNDING AND FINANCIAL REVIEW

• Introduction
• Public Section
• Corporate Sponsors
• Individual Donors
• Patrons
• Tate Members
• Tate Enterprises
• Tate Catering
• Funding & Financial Review
  • Income
  • Self-generated Income
  • Operating Expenditure
  • Capital Expenditure
  • Statement of Financial Activities
  • Consolidated Statement
  • Consolidated Balance Sheet
  • Donations, Gifts, Legacies & Sponsorship
• Acquisition prices and value of gifts
  • Purchased works of art
  • Gifts

Consolidated Statement

• As at 31 March 2008 2007–8 2006–7
•   £000 £000
• Fixed assets 539,853 439,287
• Investments 26,644 25,792
• Current assets 168,838 151,517
• Current creditors (22,995) (16,912)
• Amounts falling due after more than one year (133,679) (132,057)
• Total assets less liabilities 578,661 467,627
• Represented by
• Unrestricted general funds 8,185 11,226
• Unrestricted designated funds 59,361 56,005
• Restricted funds 507,749 399,990
• Endowments 3,366 406
• Total funds 578,661 467,627

Fixed assets /

Comprises land, buildings, plant and works of art.

Investments /

Comprises funds held to generate income for the purchase of works of art and other charitable activity.

Current assets /

Includes amounts due from debtors, income received for future projects and money set aside to pay lease rentals on Tate Modern.

Current creditors /

This is the money we owe suppliers at the balance sheet date or during the next financial year.

Amounts falling due after more than one year /

Lease rentals due on Tate Modern up to and including 2010.

Endowments, restricted and designated funds /

Endowments are monies that have been given to Tate but only the income earned on them can be spent. Restricted funds are funds that are restricted for particular purposes. Designated funds are designated for a particular use by the Trustees. General funds are funds available for general use. Tate maintains reserves to provide for unforeseen expenditure and to provide working capital.

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